Two Years of Accomplishments
While we achieve all this( the double digit growth), the happiness of people is very important. Money can ' t bring happiness. Our service delivery would make people happy.
- Chief Minister to the administration
Despite a plethora of difficulties faced by the newly formed Andhra Pradesh, the State has recorded impressive growth rate, surpassing all India average growth.
Double digit Gross State Domestic Product is one of the main goals set by the new Government in the divided Andhra Pradesh. Chandrababu Naidu’ s determined efforts at reaching a double digit growth has become a reality in the very second year of his Government.
Andhra Pradesh registered an enviable growth rate of 10.5 percent at the end of the third quarter in the 2015-16 financial year and it is expected that it would continue the momentum to end the year with a double digit growth rate.
Expressing satisfaction over the performance in the first three quarters, which is better than the all India average growth of 7.3 percent, Chief Minister N Chandrababu Naidu said it was imperative that the state continued to have a double digit growth rate in the coming years to bail itself out of the financial crisis it found itself after state bifurcation.
State was able to achieve the double digit growth rate it had aspired for in the current fiscal, but it is paramount to continue in the coming years.
Target for the this fiscal( 2016-17) has been fixed at 15 percent by the Chief Minister. The CM feels it is achievable with coordinated and planned efforts.
Backed by good performance by agriculture and allied sectors,
Andhra Pradesh has achieved a growth rate of 10.9 percent in 2015- 16, as against the natinal growth rate of 7.6 percent. Andhra Pradesh’ s GSDP growth rate in 2014-2015 was 8.4 percent.
11.77 growth in the first half
The performance in the second quarter at 13.94 per cent surpassed the target of 10.82 per cent. While the State had targeted a growth rate of 10.44 per cent in the first quarter, it managed to achieve 9.72 per cent. Together, the half-yearly growth performance was 11.77 per cent against the target of 10.62 per cent.
The State Government is currently working on the comprehensive double digit growth plan while aiming to achieve a per capita income over Rs. 10 lakh by 2029-30. The growth target for 2015-16 at constant prices stands at 10.8 per cent.
There is a swift upward surge in the agriculture and allied sectors which have registered a strong growth rate of 47.1 per cent at constant prices. Fisheries and livestock are the main contributors for the significant growth not only in agriculture but also to the overall Gross State Domestic Product( GSDP).
Andhra Pradesh had started off with a revenue deficit of about Rs 16,000 crore following the bifurcation of the state in 2014. This posed an enormous challenge for us but still we could achieve a growth rate of 8.39 % in 2014-15 and increase it to 10.5 % in 2015-16. For the next year, our target is a 15 percent growth in the GSDP," he said.
The agriculture sector registered a
Financial Year 2015-16
9.72 % 7.1 %
Q1
AP Growth Rate
13.94 %
Q2
7.4 %
National Growth Rate
growth of 8.40 percent in the current fiscal while the industry grew at 11.13 percent and services at 11.39 percent.
The Andhra Pradesh government has initiated the process of releasing estimates of the state economic aggregates on a quarterly basis at par with the Central Statistical Organization.
Elaborating on the Vision 2029, the Chief Minister said that Andhra Pradesh must be developed as the best state in the country by 2029 and best destination in the world by 2050. For this, registering double digit growth is an important step towards achieving inclusive growth and bringing about a structural change in the economy, he said.
" Inclusive growth is very important and per capita income should also increase. Economic inequalities have to be reduced. Long-term sustainability is vital. Your focus should be on this," Naidu said. v JUNE 2016 ANDHRAPRADESHMAGAZINE. ORG 29